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I am due to complete the purchase of a house and my lawyer tells me that I will need a banker’s cheque at the Notary. This can be expensive to obtain from the bank. Has anyone got experience of an alternative payment approach that is acceptable to the Notary?
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It the most safe & secure way of completion at the Notary. You have not quoted the amount of charges. Like always shout & scream at the Bank & it will get reduced.
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Barclay charge £12 for a banker’s draft !
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@gary Johnson wrote:
I am due to complete the purchase of a house and my lawyer tells me that I will need a banker’s cheque at the Notary. This can be expensive to obtain from the bank. Has anyone got experience of an alternative payment approach that is acceptable to the Notary?
You could always transfer the monies before hand into the vendors lawyer account prior to going to notary. All you owuld need to do at the notary is present a signed private contract, showing the monies have been paid over on X date.
From my point of view though, it is safer to go the route of bankers drafts. Also if you are going for a mortgage, the banks will want to prepare cheques and not transfer the funds.
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As a seller I would only accept a bankers cheque and would not go ahead with the sale if it was transfered to my Lawyers account.
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@katy wrote:
As a seller I would only accept a bankers cheque and would not go ahead with the sale if it was transfered to my Lawyers account.
agreed. But I only use the vendor lawyer as an example. The funds could also be placed with the notary or within a bank account that could only be accessed on completion.
@ Gary Johnson
your lawyer should be able to offer several alternatives. -
Agree with Katy 100%. Again this is a reflection on the integrity of the Spanish Lawyers. If I was a seller I would only accept a bankers draft until I have personally verified by the issuing Bank/Branch that the draft was Kosher.
I would also not leave the funds with the Notary. Remember these are the same Notaries who have notarised, illegal builds, not checked Bank guarantees etc.
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@shakeel wrote:
I would also not leave the funds with the Notary. Remember these are the same Notaries who have notarised, illegal builds, not checked Bank guarantees etc.
You will find that in a majority of cases, notaries are very careful about illegal properties. But they will not stop someone from buying a property. But as many foriegn buyers do not speak spanish, they had to rely on their lawyers or estate agents to act as translators.
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Fuengi. I have not come accross a Notary who has done this. Is this is recent practise ???. Whilst I agree that the Notaries may not speak English & why should they if do not wish too . However to cover themselves they could warn the buyer in Spanish that the property that they are buying is illegal. What I am saying is that the lack of language skill should not over ride the consumer protection. Specially in a wild West Country like Spain.
The Notaries are in a powerful position in performing their duties, so highlighting this fact is the basic mimimum they could do. Lets us face it that they are not acting for either the buyer or seller. They are acting for the state & to collect taxes for which they are handsomely bribed. What they check is the identry of the people confirm buyer & Seller for which they are grossly over paid . Hence my above comment of handsomely bribed.
In so far as Lawyers are concerned. Apart from the English the Spaniards never use. It is for this reason that they the lawyers have preyed on the English buyers.
In France if the buyer is not French speaking. By law they must have an approved translator. He/She has to translate each & every clause. The cost is around €200 paid for by the developer or the Notary. I rather pay them than pay the lawyer.
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We did not use a Lawyer to sell our villa, neither did the buyer (a relative). However, the Notary was absolutely meticulous and went through everything with a fine toothcomb. We were there almost 2 hours. I don’t know if there has been a change in policy or the fact that I have British citizenship and the buyer has Spanish citizenship….the cynic in me says the latter
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@shakeel wrote:
Fuengi. I have not come accross a Notary who has done this. Is this is recent practise ???. Whilst I agree that the Notaries may not speak English & why should they if do not wish too . However to cover themselves they could warn the buyer in Spanish that the property that they are buying is illegal. What I am saying is that the lack of language skill should not over ride the consumer protection. Specially in a wild West Country like Spain.
In quite a few cases. In most cases if anything is outside of the norm, the notary tries to put it across to the buyer. Or at least asks their translator if the buyer knows of the situation.
I have even seen a few escrituras, where it has been written in to it that the buyer is still going through with the purchase even though it has been brought to their attention (or at least their reps) that there are legal issues with the property.
One escritura even said that the notary thought the translator in question was not up to scratch, but that the buyer had confirmed that they still wished to use them. Suprise, suprise the property had legal issues. -
If the Notary has pointed this out than he/she has obsolved themselves. The buyer is than aware & is willing to take a view on the issue.
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